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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following table presents balances of financial assets and liabilities measured at fair value on a recurring basis at December 31, 2020 and December 31, 2019:

						Fair Value Measurements at
						December 31, 2020
						Using
		Balance as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
		December 31, 2020				(Level 1)				(Level 2)				(Level 3)
		(in thousands)
Assets:
Securities available for sale
Obligations of U.S. government corporations and agencies		$	17,483			$	—			$	17,483			$	—
Mortgage-backed securities			119,009				—				119,009				—
Obligations of states and political subdivisions			27,213				—				27,213				—
Subordinated debt			1,250				—				1,250				—
Total assets at fair value		$	164,955			$	—			$	164,955			$	—

						Fair Value Measurements at
						December 31, 2019
						Using
		Balance as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
		December 31, 2019				(Level 1)				(Level 2)				(Level 3)
		(in thousands)
Assets:
Securities available for sale
Obligations of U.S. government corporations and agencies		$	22,186			$	—			$	22,186			$	—
Mortgage-backed securities			108,161				—				108,161				—
Obligations of states and political subdivisions			34,656				—				34,656				—
Total assets at fair value		$	165,003			$	—			$	165,003			$	—

Quantitative Information About Level 3 Fair Value Measurements For Certain Financial Assets

The following table displays quantitative information about Level 3 Fair Value Measurements for certain financial assets measured at fair value on a nonrecurring basis for December 31, 2020 and December 31, 2019:

Quantitative information about Level 3 Fair Value Measurements

December 31, 2020

Valuation Technique(s)

Unobservable Input

Range

Weighted Average (1)

Assets:

Impaired loans

Present value of cash flows

Discount rate

4% - 6%

4%

Other real estate owned

Discounted appraised value

Discount for current market conditions and selling costs

6%

6%

December 31, 2019

Valuation Technique(s)

Unobservable Input

Range

Weighted Average

Assets:

Impaired loans

Discounted appraised value

Selling cost

12%

12%

Impaired loans

Present value of cash flows

Discount rate

4% - 6%

5%

Other real estate owned

Discounted appraised value

Discount for current market conditions and selling costs

6%

6%

(1) - Weighted based on the relative fair values of the specific items measured at fair value.

Financial And Nonfinancial Assets Measured At Fair Value On A Nonrecurring Basis

The following table summarizes the Company’s financial and nonfinancial assets that were measured at fair value on a nonrecurring basis at December 31, 2020 and December 31, 2019:

						Carrying value at
						December 31, 2020
		Balance as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
		December 31, 2020				(Level 1)				(Level 2)				(Level 3)
		(in thousands)
Financial Assets:
Impaired loans		$	1,355			$	—			$	—			$	1,355
Nonfinancial Assets:
Other real estate owned			607				—				165				442

						Carrying value at
						December 31, 2019
		Balance as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
		December 31, 2019				(Level 1)				(Level 2)				(Level 3)
		(in thousands)
Financial Assets:
Impaired loans		$	3,075			$	—			$	—			$	3,075
Nonfinancial Assets:
Other real estate owned			183				—				—				183

Company's Financial Instruments

The carrying amount and fair value of the Company’s financial instruments at December 31, 2020 and 2019 were as follows:

		Fair Value Measurements at
		December 31, 2020
		Using
		Carrying Value as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs				Fair Value as of
		December 31, 2020				(Level 1)				(Level 2)				(Level 3)				December 31, 2020
		(in thousands)
Financial Assets:
Cash and short-term investments		$	79,920			$	79,920			$	—			$	—			$	79,920
Securities			164,955				—				164,955				—				164,955
Restricted Investments			1,267				—				1,267				—				1,267
Loans, net			829,238				—				—				819,691				819,691
Bank owned life insurance			12,709				—				12,709				—				12,709
Accrued interest receivable			3,441				—				3,441				—				3,441
Financial Liabilities:
Deposits		$	1,013,098			$	—			$	1,013,600			$	—			$	1,013,600
Accrued interest payable			72				—				72				—				72

		Fair Value Measurements at
		December 31, 2019
		Using
		Carrying Value as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs				Fair Value as of
		December 31, 2019				(Level 1)				(Level 2)				(Level 3)				December 31, 2019
		(in thousands)
Financial assets:
Cash and short-term investments		$	33,659			$	33,659			$	—			$	—			$	33,659
Securities			165,003				—				165,003				—				165,003
Restricted Investments			1,197				—				1,197				—				1,197
Loans, net			639,787				—				—				633,476				633,476
Bank owned life insurance			398				—				398				—				398
Accrued interest receivable			2,237				—				2,237				—				2,237
Financial liabilities:
Deposits		$	771,544			$	—			$	772,111			$	—			$	772,111
Accrued interest payable			142				—				142				—				142

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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-Section 50
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-Section 50
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-Subparagraph (a)
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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